THE price per ounce of gold on Tuesday climbed to U.S.$1431, the Guyana Gold Board (GGB) has reported, the highest it has reached over the past six years.

Figures posted on the GGB’s Facebook page indicate that this week there has been a sudden increase in the price, which has been hovering between U.S.$1200 and U.S.$1300 over the past several months.

The rise in prices globally has been attributed to several factors, including geopolitical tensions on the world scene among other factors.

According to a Reuters report, gold looks set for further gains after rising bets on lower interest rates, a weaker dollar and confrontations between the United States and other countries including China and Iran, catapulted prices to the six-year highs.

The report on Tuesday stated that gold has leapt 10% in four weeks, breaking above technical resistance which has thwarted every rally for half a decade to rise above U.S.$1,400 an ounce for the first time since 2013.

The U.S. Federal Reserve forecasts that the price can climb past the US$1500 mark by year-end.

According to MarketWatch.com, the U.S. and Iran have been involved in tense exchanges recently and this too have impacted prices. “Further tensions in the Middle East could bid gold prices higher through haven demand in the short term,” said Maxwell Gold, director of investment strategy at Aberdeen Standard Investments, though “key factors in control of gold right now are rates and recession fears.”

The demand for the metal as well as the emergence of new markets, have also impacted the price.